20 Questions To Test Your Business Idea

Is your business a fantastic idea or just a business opportunity that needs to be explored?

Whether you are starting up or already have a business that you want to fine tune, answering the following questions will tell you if you need to do more homework or whether you’re ready to develop further.

These key questions will give you a strong understanding of how your product or service sits within the market and will

Successful businesses need to;

• Solve a real problem or satisfy a significant want or need
• Offer value in exchange
• Have a clear defined route to making money

Try answering these 20 questions, and identify the gaps in your business idea or indeed, your current trading position.

1. What am I selling?
2. Who is going to buy?
3. Why will they buy from me?
4. Is my market growing?
5. Is my product or service based on trend or demand?
6. Where are my customers?
7. How can I reach my target market?
8. How will people pay me?
9. How will I sell to them?
10. Where will I sell to them?
11. Am I solving a real problem?
12. Is there a significant desire, want or need for what I am selling?
13. Do I know my competitors business model?
14. What am I doing that is different to my competitors?
15. What is my unique selling proposition?
16. How will I beat my competitors?
17. How will I make money?
18. How much profit will I make?
19. How long will it take to make a profit?
20. Can I afford it?
21. Am I passionate about this?

I hope you enjoyed this post. Let me know if it has helped you in anyway 🙂